AUDNZD - Back to the resistance

AUDNZD (1H) - short term bullish bias

The 4H chart shows that the late October rally bounced off the 61.8% (1.0717) Fibonacci retracement level. By zooming into the hourly chart, the rebound was supported by a RSI divergence as the bearish momentum slowed down. The break of the 1.0755 resistance along with a bullish MA cross was the confirmation that a reversal was in the making. We expect the Aussie to test the daily resistance of 1.0820 once more while the averages would contain any pullback.

Key support: 1.0735
Key resistance: 1.0820